Cliffs Natural Resources Exploration Inc. Makes Strategic Investment of $1,450,000 in Riverside Resources Inc.
August 25, 2010 – Vancouver, BC: Riverside Resources Inc. ("Riverside" or the "Company") (TSX-V: RRI) announces that it has closed a private placement financing with Cliffs Natural Resources Exploration Inc. (“Cliffs”). Cliffs has purchased 2,416,667 common shares of Riverside at a price of $0.60 per share for proceeds of $1,450,000. The shares are subject to a four month hold period, which expires on December 24, 2010. No warrants or finders fees are attached to this private placement.
Dr. John-Mark Staude, President & CEO of Riverside stated, “This investment by Cliffs into Riverside solidifies the partnership between the two companies and further aligns their interests which are focused on continually adding shareholder value. Cliffs now joins Kinross as the second major mining company to own a significant percentage of the Company. This capital, in conjunction with the recent Alliance with Cliffs (Press Release: June 17, 2010), further strengthens Riverside’s financial position enabling it to focus on growth and creating value for shareholders. The funds will be used for general business operations, generating new opportunities, and advancing Riverside’s assets toward discoveries.”
About Riverside Resources Inc.:
Riverside is a well funded prospect generation exploration team of focused, proactive gold discoverers with the breadth of knowledge to dig much deeper. The Company, post financing, has approximately $3,400,000 in the treasury and fewer than 24,500,000 shares issued. At a $0.60 share price Riverside has an approximate market capitalization of $15,000,000. The company has a high potential portfolio, three joint ventures, and two exploration alliances. Riverside’s experienced exploration team leverages its in-house technical knowledge to make discoveries. Additional property information for the Company’s projects can be found on the Riverside Resources Inc. website at www.rivres.com.
About Cliffs Natural Resources Exploration Inc.:
Cliffs Natural Resources Exploration Inc. is a wholly-owned subsidiary of Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF), an international mining and natural resources company.
ON BEHALF OF RIVERSIDE RESOURCES INC.
Dr. John-Mark Staude, President & CEO
For additional information contact:
Manager, Corporate Development
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward looking terminology (e.g., "expect”,” estimates", "intends", "anticipates", "believes", "plans"). Such information involves known and unknown risks -- including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
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